Mr. Xinduo Yu

February 20, 2014 08:00 ET

Concerned Shareholder of Hanfeng Provides Update

TORONTO, ONTARIO--(Marketwired - Feb. 20, 2014) - Mr. Xinduo Yu (the "Concerned Shareholder"), the founder, largest shareholder, director and former President and Chief Executive Officer of Hanfeng Evergreen Inc. ("Hanfeng" or the "Company"), today provided an update on matters being undertaken by him in his capacity as a shareholder. As previously announced, the Concerned Shareholder has filed an application with the Ontario Superior Court of Justice (Commercial List) seeking directions with respect to the holding and conduct of the previously announced annual and special meeting of shareholders on February 28, 2014, including the appointment of an independent chairman for the Meeting. The hearing is scheduled for February 24, 2014.

The Company has not provided a time and place for a meeting on February 28, 2014, nor has it provided any disclosure on whether regulatory approval for the proposed deferral has been attained. Subject to directions from the Court, the Concerned Shareholder has made arrangements to hold the previously scheduled February 28, 2014 meeting at 10:00 a.m. at the Company's registered office located at 100 King Street West, Suite #5600, Toronto, Ontario, M5X 1C9. After the hearing, the Concerned Shareholder will provide an update to shareholders on the Court's directions, including in connection with the time and place of the shareholders' meeting. In the interim, the Concerned Shareholder has delivered an information circular to all shareholders and will continue solicitation efforts for a February 28, 2014 meeting.

Contact Information